Overview:
NZD/USD is expected to to trade in a range. It is undermined by the broadly firmer dollar undertone. But NZD/USD downside is limited by the positive risk appetite and buoyant commodity prices and hawkish Reserve Bank of New Zealand's monetary policy stance. Daily chart is still positive-biased as MACD is bullish, stochastics stays elevated at overbought zone, five- and 15-day moving averages are advancing.
Trading recommendation:
The pair is trading above its pivot point. It is likely to trade in a higher range as far as it remains above its pivot point. As far as the price is above its pivot point, a long position is recommended with the first target at 0.8775 and the second target at 0.88. In an alternative scenario, if the price moves below its pivot points, short positions are recommended with the first target at 0.8635. A breach of this target would push the pair further downwards and one may expect the second target at 0.86. The pivot point is at 0.8675.
Resistance levels:
0.8775
0.88
0.8845
Support levels:
0.8635
0.86
0.8560
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